Bitcoin might be gearing up for its third parabolic run this cycle. That's the word on the street from crypto strategist Kevin Svenson.

Svenson, with his 78,700 YouTube followers, reckons BTC is mimicking its 2017 moves. Back then, Bitcoin saw three parabolic phases before the bull market fizzled out.

"In 2017, there were multiple phases of the parabolic trend," Svenson explains. "You had a shorter-term parabolic trend that would break down into a larger one, and then it would do it again."

He adds, "Right now in 2024, we're sitting in the same position. There's no reason why this couldn't happen."

What's needed? Svenson says it's simple: renewed optimism and regained momentum.

Technical indicators are hinting at a shift towards the bulls. The relative strength index (RSI) is looking perky.

Svenson points out, "If you look at the beginning of 2023, we found support right around the 45 level on the weekly RSI, and we just bounced off that level again."

He reckons this could be a zone of trend expansion. Fancy that.

The moving average convergence divergence (MACD) is another tool in Svenson's kit. It's suggesting the bulls are taking back control.

"The weekly MACD right now is starting to show that bearish momentum is decreasing, that bullish momentum is starting to pick up," Svenson notes.

He adds, "When we have these weekly MACD histogram turnarounds, that's normally where the price is getting tremendous speed."

As of writing, Bitcoin's trading at $65,469. It's up about 15% in the last week. Not too shabby.

Will Svenson's prediction come true? Only time will tell. But one thing's for sure – the crypto world's never dull.